776/CBDT.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... elopment and expansion of basic industries which are capital intensive and have relatively low profitability and longer periods of gestation. The industries mentioned in a list of articles in Part IV of the First Schedule to the Finance Act. Subsequently, provision for allowing the relief was provided for in the Income-tax Act itself by inserting Section 80E to the IT Act, itself by inserting Sect .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... oard, if necessary". Instances have, however, come to the notice to the Board where items have been treated by ITOs as covered by Scheduled VI although such items were not covered within the scope of the said Schedule, without any reference to the higher authorities. 3. The Board, therefore, wish to reiterate the instructions referred to above and desire that in future whenever any doubt arises .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X